Finance Stocks And Mining

Free Lance, Volume III, Issue 121, 25 October 1902, Page 24

Finance Stocks And Mining

ALTHOUGH a considerable amount of mystery clouded the identity of the successful tenderers foi the direct service to South Africa, it is now pretty clear that the same syndicate that early in, the year secured the contract for supplying meat to the forces in South Africa is identified with, the new steam service. Up to the present this syndicate has been buying produce in New Zealand, and shipping same at their own expense, but now they will get a subsidy of £30 000 per annum from tne New Zealand Government for carrying away their own property » • • New Zealand, however gets a direct monthly service to South Africa for a period of twelve months, and if, at the end of that time, the syndicate can obtain supplies elsewhere, as is not unlikely, or tlhe contract with the British authorities terminates which is also possible, the direct service may become unprofitable to the syndicate, and they reserve the right to drop it. There is also the contingency that if the producers are doing any sort of trade with South Africa the syndicate may use this right of cam/cell a,tion to extort a larger subsidy. Syndicates are not philanthropists, and when dealing with Governments they have a way of getting the best of the bargain. * » ♦ A member of the syndicate, or, at least, one interested in its welfare, that is to say, Mr. Cox, managing director of Birt and Co., Limited, Sydney, the firm that is associated with the Federal Line, talked to a "New Zealand Times" reporter last week, and his remarks are wartih turnine over. The burden of Mr. Cox's complaint is that' the producers in New Zealand are asking big prices for their produce, and Mr. Cox said "The New Zealanders fail to realise tihat this colony is not the only place from which supplies can be drawn, or they would be satisfied witlh good profits instead of asking exorbitant prices." * * # Mr. Cox was never more mistaken in his life. The producers of this colony knoiw only too well that the Rivei Plate, Canada, and Australia are also sources of supply, and they know also that Mr. Cox would not come to New Zealand for supplies if by any possible chance he could buy what he wants cheaper elsewhere. He is compelled to come here because Australia cannot supply the percentage of meat which the War Office insists shall be drawn from British colonies. Australia is a meat importer just now, and New Zealand is the only T>lace that can furnish supplies at the present time. The prices asked by producers are not more ijhain is warranted by the circumstances • — perhaps not as high as they should be — and Mr. Cox may look to pay higher prices. His advice is gratuitous, and, like most free advice, its value is not apparent. * ♦ * New Zealand producers are m for a temporary spell of high prices for beef and mutton, and if our farmers are alive to their own interests, they will take a leaf out of the book of Mr. Cox's party and syndicate. Say the farmers in Taranaki combined and declined to sell beef under a certain price, it would not check business at all, but would have the effect of cutting down the profits of the buying syndicate. It is now that the farmers have the advantage, and they ought to make the most of their chances. Unfortunately, the farmers are not clever enough at the syndicate business, and their interests suffer in consequence. The dairymen do far better, and the National Dairy Association is a protection to the dairy farmers. « • • Mr. Cok advises the farmers not to "pay too much attention to the articles of enthusiastic editors " and if they do "they will find the slump following hard upon the heels of the boom, and be left lamentinor." Farmers of course will do as they please, but they will naturally wonder whether it is safer to accept the advise of the buyer of produce, who naturally wants to pay as small a price as possible, or that of the newspaper man who endeavours to record facts, and who has no interest as aerainst the producer. The prediction Mr. Cox makes about the slump following the boom has no force in it. A slump comes after a boom, always did, and alwaysi will, and this has been commemorated in doggerel which may be emoted for the edification of Mr. Cox. It runs as follows: —

After the use the fall, After the boom the slump, After the fizz and fat cigar A cigarette and the hump The tamo far "the cigaiette and the hump" is not yet. Producers have not yet seen the best of the boom. * * * In. tine meanwhile, i is pleasing to note that frozen meat lias gone ur> in London. Mutton 1 and lamb are fetching splendid prices , better, in fact, than have been known for some time. There are no doubt, particular reasons for tihis, but that will not prevent farmers in Mew Zealand asking full prices. It will enhance their ideas of value. Australia wants meat, and is ready to pay fancy prices, London is paying big prices, South Africa wants meaife but does* not want to pay current prices. And, all sorts of terrible things, including a slump, will follow if the South African magnates are asked high prices. It is sheer nonsense. This is a merry time for farmers, and it is many a long day since they had mieat buyers so absolutely ait their mercy. » * ♦ The banking returns for the September quarter, published during the week, are not particularly interesting. The banks are finding full use for their money, not alone m the colony, but m the neighbouring States also. The total of average assets is less than the total average of liabilities by £246 935, while at tthe corresponding date of last year there was an excess of assets over liabilities amountinor to £875,626 Thus, compared with a year ago, the banks have found channels of investment for an additional £1,122,561 There is very little doubt that the_ Australian demands are pressing, and it is a wellknown fact, that the Australian Mutual Porvidemt Society, which is a free lender, has raised its lending rate in Australia bv t per cent. •■ » * The siharemarket is deadly dull, and the sharebrokers are not making salt. There are a fair number of buyers ready to operate a . market rates, but holders show no inclination to get auit of their shares. Bank shares are steady. National Bank shares are offered at £4 2s 6d, and Bank of New Zealand shares at £3 5s 6d, for the latter buyers offering £3 3s 6d. Insurance shares are pretty firm at late rates. Nationals are wanted ait 21s 6d, sellers asking 22s 3d: New Zealands changed handsi at 77s 6d, and the price is suggestive of a favourable balance-sheet shortly due. South British are offered at £4 15s, but there are no buyers. Standards are readily saleable at 18s 6d. < * » Financial shares are in fair demand. Metropolitan Building are wanted at £12, and Wellington Trust and Loan at £7 7s 6d ; National Mortgage are offereld at 38s 6d and New Zealand and River Plate at 23s 6d and 24s for the respective issues. Meat shares are neglected. Canterbury Meat shares are in demand at £9 7s 6d, and Gear Meats at 28s 6d; there are sellers of Christchuroh Meat shares at £9 2s 6d, and of Wellington Meat Exports at £7 10s and £3 13s 6d for the several issues. * ♦ * Woollen shares are in better demand, Wellington Woollens being particularly strong, at 104 sand 84s for the two issues. There are sellers of Kaiapois at £6 5s and of Mosgiels at £3 15s. In the miscellaneous section, sales of New Zealand Drug shares are reported at 465. Sellers- 1 quotations are 18s 6d for Mitohelson Timber shares, 27s for Milburn Lime and Cement shares, 23s 6d for Sharland's ordinary, and £5 12s 6d for Ward and Co. (brewery shares). «■ ♦ » The mining market shows no change whatever. The tendency will be towards dullness, as the dredging will decrease as the weather gets warmer, and the Southern rivers rise. The pending general election will also affect the market.

Miramar has long been known as one of the most delightful outlets tor the people of the City of Wellington. A chairning valley, level as a bowling green, with an extiaordinanly rich soil of deep sandy loam, embosomed amidst a semicircle of low undulating hills, it presents a picture rarely to be equalled for peaceful beauty and repose. The easy slopes and lolling downs of the higher lands afford glimpses of the Harbour and its many lovely bays, while Seatoun, with its picturesque wharf, ferry steamers, and excursionists, presents a daily living diorama of the most interesting character. Mikamar has been for years the home of the best of Wellington's Polo, Golf, and Hockey Clubs, and the resort of thousands delighted to watch the varying sports on its lovely greens and links, and at the same time enjoy its beautiful scenery and lifegiving breezes. Miramar therefore requires no words to accentuate its claim to a leading position as a great residential site for the rapidly increasing population of the Empire City. The fact that Mr. Crawford, the late owner, lepurchased from the Evans Bay and Miiamar Estate Company, at a cost of £300 per acie, ten acres of the land sold by him to the Company— that he is now preparing and laying it out as garden and grounds prior to the erection of an extensive family residence — speaks volumes as to his opinion of Miramar as a place of lesidence. Miramar will have the advantage of a firstclass Drainage System, the main sewer of the Wellington City Drainage Works lunning through Mnamar to the open sea in Cook Stiait. Miramar has the enormous benefit of an unlimited supply of the puiest watei within twelve feet of the surface. Miramab will have at an eaily date a continuation of the Electric Light and Gas Supply of the City of Wellington. Arrangements aie now being made so that the large population shortly to be settled in Miramar will feel that they have all the City's benefits without the City's heavy rates. Miramar is somewhat unique in the many advantages it enjoys of easy communication with the Capital. At present it can be leached by the daily coach to Seatoun (which passes through Miramar) in half-an-hour, or by bicycle in twenty minutes. On and from the Ist January next however, a New Steam Daily Ferry Service from Wellington to the Miramar Wharf will run, making at first two return tups daily — morning and evening — and special trips as required. The time occupied on the run will not exceed twenty

minutes. The fares will be 3/- weekly ticket, 12/- monthly ticket, £6 yearly ticket (single), or £10 per annum for a family ticket, by which all the inmates of a household can travel as often as they please. This makes it easier and cheaper to reach Miramar by sea than to reach Newtown by the City Trams. Miram\r will also have the benefit of the new Wellington Electric Tram Service, and of the New Motor Car Service. A line of motor omnibuses cairying 24 passengers each, will be established early next year, so that the residents of Miramar will have brought to their doors all that is newest and best in scientific locomotion. These facts show that Miramar should command special attention as a residential suburb of the first rank. It will, undoubtedly, within a brief period, be filled with Villa Eesidences of superior character, and hundreds of happy homes will replace the sportloving public on the green flats of Miramar. Let us say to the ordinary money-making man : to-day the purchase of a section or two in Miramar will be a first-class [speculative investment. To-morrow twelve months hence, if you wish to sell, you will undoubtedly reap a large profit on your speculation ; the increase of population and enterprise will do that. To the man who has the sense and courage to purchase for the purpose of creating a home for a wife and family, we say, you will reap a rich rewardSurrounded by friends and neighbours, amidst beautiful scenery, you will find all that is best in you enriched and ennobled, while the home will grow in material value year by year, and prove the best savings bank ever dreamt of by you. The Terms of Sale have been fixed on an> exceedingly liberal basis, viz. : — Ten per cent, deposit, Ten per cent, in three months, Ten per cent, in Six months, and the Balance of Seventy per cent, can remain unpaid for Five years. Interest on unpaid purchase money at the rate of Five per cent, per annum. For Conditions of Sale, Lithographic Plans of Property, and further details, apply to the Auctioneers.

SPECIAL NOTE.— In order to induce the Public to thoroughly inspect the Property, the Vendors will run a Free Excursion every Wednesday, Saturday, and Sunday afternoon by the steamer " Admiral " till the day of sale, leaving the Ferry Wharf, Wellington, on each of these days for Miramar, at 2.30' o'clock p.m. Guides will be on the land to point out the boundaries of the \arious sections.